Kadir Topbaş: IGDAŞ, Kiptaş, and IDO sale preparations under way
Posted by meb at February 14th, 2007
İstanbul Metropolitan Municipality has been carrying out preliminary studies at its plans for sale of some shares of its subsidiaries, İGDAŞ, Kiptaş, and İDO through block sales or IPOs.
İGDAŞ is the natural gas delivery company for the city. Kiptaş involves in land development projects, mainly building new residential areas. İDO serves the city with its sea-bus fleet and also extends to some nearby Marmara Sea coastal towns providing intercity travel over the sea.
İstanbul Metropolitan Municipality Mayor Kadir Topbaş responded to questions of reporters at an international meeting in İstanbul on public and local administrations financing.
Mayor Topbaş stated that they did not consider the sale of whole of İGDAŞ, and an option was to issue corporate bonds with municipal companies, including İstanbul Water and Sewerage Administration (İSKİ), perhaps amounting to 50 million, not specifying the currency and refusing to go into further detail.
Mayor Topbaş noted the international projects of the municipal companies such as a 10,000- apartment residential development in Damascus, Syria of Kiptaş, and more in Skopje, Macedonia, and Romania; and some İGDAŞ projects in Saudi Arabia, Syria, and Romania.
Topbaş underlined that international initiatives of their companies would raise their market value at a future sale.
source: The New Anatolian
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